Propi

📉🏠 Offshore Property Alert! Wealthy Indians are now under the Income Tax Department's scrutiny for their property investments in Switzerland and Portugal. Last week, several residents received summons, as these previously overlooked markets are now on the taxman's radar. This follows the Common Reporting Standard (CRS) by the OECD, which involves data sharing among over 100 countries about overseas assets. While CRS typically tracks bank accounts and securities, property deals are now being closely examined, especially those tied to citizenship and golden visa schemes. 🌍💼

Navi Mumbai Police have registered an FIR against four individuals for allegedly cheating a 35-year-old real estate developer out of ₹66.75 lakh. The accused are accused of forging documents to falsely claim ownership of a plot in Ulwe and fabricating various agreements and transfer orders from CIDCO.

The fraud took place between December 2021 and January 2023. The FIR includes charges of cheating, forgery, criminal breach of trust, and criminal conspiracy. The investigation is currently underway.

It’s crucial to verify all documents and agreements thoroughly to protect yourself from similar scams.

🏢 Bombay High Court Orders Demolition of Illegal Buildings in Vasai 🚧

The Bombay High Court ruled 41 buildings in Vasai, Palghar district as "wholly illegal." Constructed on land reserved for essential infrastructure, these buildings must be vacated by September 30.

⚖️ Key Points:
- Buildings deemed "patently illegal"
- Flat owners to vacate by September 30
- Petition for relief denied
- The court criticised civic body's delayed action
- Demolition postponed due to monsoon

📢 This decision underscores the need for legal compliance and timely action against illegal developments.

🏗️ Dharavi Redevelopment Project Update! DRPPL seeks a 15-acre land lease in BKC for five years to store heavy machinery needed for the massive redevelopment of Dharavi.

🔹 Key Details:
- Request: 15 acres in BKC from MMRDA
- Purpose: Store heavy machinery
- Previous Use: Metro Works casting yard

🔍 Background:
In November 2022, the Adani Group won the bid for Dharavi's redevelopment with a ₹5,069 crore investment. The project aims to transform 600 acres, improving living conditions for nearly 12 lakh residents.

🔹 Additional Acquisitions:
- RLDA: 27.57 acres near Mahim station
- BEST: 12 acres in Sion East

🏢 Government Support:
Maharashtra cabinet approved requesting 283.4 acres of salt pan land for the project on a 99-year lease.